Corporate E had used FAF a number of years ago to finance a
specialist item of equipment designed to improve its internal
maintenance capabilities and reduce costs. Due to various personnel
changes the customer had lost contact with FAF.

Our online asset tracking software alerted us to an end date of an
agreement with Corporate E where a large deferred payment was due, on
the last day of the primary period. FAF contacted the client to ensure
they were aware of the upcoming liabilities and worked to successfully
refinance the payment and extend the lease, refreshing the relationship
and assisting Corporate E in spreading the cost of the equipment over a
much longer term than originally intended.

This improved the cash flow of Corporate E and matched the income
or savings from the asset over its useful life. FAF can deploy DALIS to
ensure that all details of a funded asset can be found in one place
along with automated reminders at vital points of an agreement or assets
life. Customers can also upload their own documentation into DALIS, if
so required.

Corporate D had used FAF services to write significant volumes of
leases with over 3,000 assets funded and being tracked using DALIS, our
in-house on line portal. During the life of these agreements, some of
the processes were amended and invoicing arranging were proving onerous
(or not in line with management’s needs).

FAF were made aware of the issues, worked with the Lessors in
question and amended both the processes, documentation and DALIS to
accommodate the needs of Corporate D. FAF with its systems and access to
data, also served as a useful third party verification partner.

FAF seeks longer term, fully supportive roles with its clients to
ensure in life issues are dealt with professionally and often without
the need to incur charges with the Lessors, as FAF can provide much of
the asset and financial data needed.

FAF had worked closely with Corporate C and assisted in recording
their agreement data for many years. Using spreadsheets was no longer
the right solution due to the volume of data held. Hence FAF completely
overhauled the system, employed a software developer and built our own
data management software.

This included logging agreement end dates, to manage end of life,
holding signed copies of documents in one place, automatic reminders and
notices and complete asset data and lease pricing. DALIS was created
with a system that can create Direct Debit Reconciliation reports and
balance of rentals outstanding. See www.dalis.co.uk

Corporate
B had used our Tender Panel process to obtain competitive pricing by
FAF seeking funding for each drawdown under their required procurement
plan. One of the funders on the panel was struggling to obtain business
due to uncompetitive residual values.

FAF organised and attended asset inspections with this funder
assisting them in better understanding the assets, fleet policy and
intentions of the Lessee. This helped both parties and resulted in
better, more competitive pricing for Corporate B and improved the
business written by the funder.

Part of our new Case Studies series, we are looking at how we have helped our customers over our 40 year history.

Part One - Novations

Corporate A was bidding to win a significant new contract from an incumbent contractor, with the need to continue to use a variety of vehicles already deployed within the service level agreement. The assets were funded with a variety of banks/finance houses over differing periods.

Part of winning the bid required evaluating and novating the existing equipment/finance contracts over to Corporate A to enable the assets to be used for a further period until replaced.

FAF was utilised to liaise with the lessors and ascertain the terms and conditions, negotiate their pricing and transfer and assist legal in agreeing such terms.

Corporate A won the bid and FAF helped manage the novated contracts and helped close the contracts in a timely and efficient manner.